Number
050508
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. DUDZIK
Title
A substitute charter ordinance relating to service retirement allowances for elected officials.
Sections
36-05-1-g am
36-08-7-a am
36-08-7-c rc
Analysis
This charter ordinance provides that the annual service retirement allowance for all elected officials, except the mayor, city attorney, comptroller and treasurer elected to office commencing with the 2008 spring election, shall equal 2.0% of the member’s final average salary times the number of years of creditable service. Currently the retirement benefits for elected officials except the mayor is based on 2.6% per year of service prior to January 1, 1996 and 2.5% per year of service since January 1, 1996. The retirement benefit for the mayor is based on 2.6% per year of service prior to January 1, 1996 and 2.0% per year of service since January 1, 1996.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 36-05-1-g of the charter is amended to read:
36-05. Benefits.
1. SERVICE RETIREMENT ALLOWANCE.
Elected Officials. >>g-1.<< The annual service retirement allowance for elected officials elected to office by vote of the people, except the mayor, shall equal 2.60% of the member’s final average salary times the number of years of creditable service accrued as an elected official for years of service prior to 1996 and 2.50% of the member’s final average salary times the number of years of creditable service accrued as an elected official for years of service on or after January 1, 1996 >>,except as provided in subd. 3<<.
>>g-2.<< The annual service retirement for the mayor shall equal 2.60% of the mayor’s final average salary times the number of years of creditable service accrued for years of service prior to 1996, and 2.0% of the mayor’s final average salary times the number of years of creditable service accrued for years of service on or after January 1, 1996. [[ Service befor...
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